Skip to main content
Level 2
February 23, 2020
Question

Mutual fund Sales / transfer

  • February 23, 2020
  • 3 replies
  • 31 views

If we sold off our mutual funds / stocks but transferred them into a different type of account (long term growth account) Do we have to pay taxes on that even though we did not receive any money in hand? 

 

Thanks

 

3 replies

Level 15
February 23, 2020

Yes. If the transactions were made in a non retirement account any profits are subject to tax. Even though you didn’t receive income in hand you still had income that you used for reinvestment. 

tjurko621Author
Level 2
February 26, 2020

Ok thanks but what if we rolled everything over into an Annuity for retirement? Do we still get taxed? We received a 1099-B from the broker we moved the funds from. 

 

Thanks for your input!!

Level 15
February 27, 2020

If the sale of assets was made in a non retirement account it does not matter what you did with the proceeds.  The profit is taxed.